Total monthly cost of ownership
Cost to Own a Home in Monticello, Minnesota
A $298,000 home here costs
$2,408per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $103,000 a year.
A standard mortgage calculator would have told you $1,625. The real number is $783 higher every month, 48% more than the payment most buyers budget for.
Compare Wright County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Monticello against Wright County and Minnesota
| Measure | Monticello | Wright County |
|---|---|---|
| Median home value | $298,400 | $332,800 |
| Median property tax | $2,580 | $3,319 |
| Effective tax rate | 0.865% | 0.997% |
| Median gross rent | $1,462 | $1,246 |
| Population | 14,607 | 145,270 |
The weather behind that power bill
Monticello sits in Wright County, which averages a high of 80.9°F in its hottest month and a low of 2.7°F in its coldest, with 31.74" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 532 cooling and 8,211 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Wright County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wright County
Full Wright County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Monticello averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Monticello every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Monticello I already own here and may sell
Common questions
How much does it cost to own a home in Monticello?
A $298,000 home in Monticello, Minnesota costs approximately $2,408 per month with 20% down at 7.24%. That is $1,625 principal and interest, $215 property tax, $129 homeowners insurance, $190 utilities and $248 set aside for maintenance.
What is the property tax rate in Monticello?
Monticello has an effective property tax rate of 0.865%, based on a median home value of $298,400 and median real estate taxes of $2,580. That is lower than the Wright County average of 0.997%.
What is the average home price in Monticello?
The median owner-occupied home value in Monticello, Minnesota is $298,400, against $332,800 across Wright County.
Is it cheaper to rent or buy in Monticello?
Median gross rent in Monticello is $1,462 a month, against $2,408 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Monticello?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Monticello, Minnesota at today's rate takes a household income of roughly $103,000 a year. That covers the full $2,408 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Monticello, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Minnesota.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.